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Grupo T-Solar issues €118.4 million bonds

Grupo T-Solar, a leading Spanish in independent photovoltaic solar power producer and a portfolio company of I Squared Capital, has issued Project bonds worth €118.4 million to refinance eleven photovoltaic solar generation plants in Spain with a total combined capacity of 34.2 megawatts.

This is Grupo T-Solar´s first unrated Project bond issuance, which has been placed entirely through a private placement among institucional investors. The bonds will earn a 3.152 percent coupon, with a 19.5 year maturity (due in June 2037) and have benn liste don the Frankfurt Stock Exchange.

“This issuance is a remarkable succes for Grupo T-Solar, as it completes our objective of diversification of funding sources, and confirms that the Spanish renewable sector continues to attract the interest of the international investment community,” commented Marta Martínez Queimadelos, Chief Executive Officer of Grupo T-Solar.

Deutsche Bank acted as Sole Mandated Lead Arranger and as Global Coordinator of the issuance. Linklaters and Clifford Chance acted as legal advisors to Grupo T-Solar and the institutional investors, respectively.

Grupo T-Solar´s refinanced asset portfolio currently under operation, generated over 50 gigawatt-hours in 2016 –equivalent to the average anual electricity consumption of approximately 33,000 people. The clean electricity generated avoided 17,900 tons of CO2 emissions, equivalent to plating over 1 million trees.